Alabama Senior Executive Management Incentive Plan with attachments for The Geon Co.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• Control #: US-CC-20-234
• Format: Word; Rich Text

Description

20-234 20-234 . . . Senior Executive Management Incentive Plan which is similar to corporation's existing annual bonus program except for changes necessary to cause incentive compensation to qualify as performance-based compensation under Section 162(m) of Internal Revenue Code. Under Plan, (a) key executives who have potential to influence significantly and positively the performance of corporation are selected by Committee, (b) participants are assigned to an incentive category based on organizational level and potential impact on corporation results, (c) participant categories define level of incentive opportunity, stated as a percentage (up to maximum of 200%) of base salary, that will be available to participant (Incentive Percentage), and (d) Committee uses measures of corporation performance to determine performance goal target levels. Performance measures include one or more of following: (i) return to stockholders, (ii) cash flow, (iii) return on equity, (iv) corporation created income, (v) sales growth, (vi) earnings and earnings growth, (vii) return on assets, (viii) stock price, (ix) earnings per share, (x) market share, (xi) customer satisfaction, and (xii) safety and/or environmental performance. Selected performance measures are weighted by Committee each year to reflect their relative importance to corporation in that Plan Year. A portion of each participant's award, as determined by Committee, is paid in form of restricted stock. Participants can elect additional optional deferrals so that they may receive up to 100% of their award as restricted stock. Any award paid as restricted stock is enhanced with a 25% premium; i.e., for every $100 deferred, participant will receive $125 in restricted stock

Alabama Senior Executive Management Incentive Plan The Alabama Senior Executive Management Incentive Plan is a comprehensive compensation package offered by The Leon Co. to senior executives based in Alabama. This plan aims to attract, motivate, and retain top-tier talent by rewarding exceptional performance and aligning executive goals with the company's objectives. Key Features: 1. Performance-based Compensation: The plan is centered around performance metrics, such as financial targets, market share growth, operational efficiency, and other key performance indicators. Executives are eligible for incentives based on the achievement of pre-established goals. 2. Competitive Bonuses: The Alabama Senior Executive Management Incentive Plan offers competitive bonuses based on individual and team performance. Bonuses can vary depending on the executive's level within the company and the extent of goal attainment. 3. Long-Term Incentives: The plan includes long-term incentives, such as stock options, restricted stock, or performance units, aimed at aligning executive interests with long-term company performance, shareholder value, and sustained growth. 4. Recognition and Rewards: The Leon Co. understands the value of acknowledging and appreciating exceptional performance. The plan includes various forms of recognition and rewards like cash awards, additional benefits, or special privileges. 5. Customization: The plan recognizes individual differences and allows for certain customization, ensuring that the incentives align with both company-wide objectives and individual executive goals. This flexibility motivates executives to perform at their highest potential. Attachments: 1. Performance Metrics: This attachment outlines the specific performance metrics used to evaluate executive performance, including financial targets, market share growth, operational efficiency, customer satisfaction, and other relevant criteria. 2. Bonus Structure: This attachment provides detailed information on the bonus structure, including the determination of payout levels based on goal attainment. It also includes bonus calculation examples to aid in understanding the potential payout. 3. Long-Term Incentives: This attachment explains the various long-term incentives available to senior executives, such as stock options, restricted stock grants, and performance units. It outlines the eligibility criteria, vesting schedules, and other relevant terms and conditions. 4. Recognition and Rewards Guidelines: This attachment details the criteria and process for recognizing and rewarding exceptional executive performance. It explains the available rewards, such as cash awards, additional benefits, or special privileges, and the process for nomination and approval. Different Types of Alabama Senior Executive Management Incentive Plans: 1. Alabama Senior Executive Management Incentive Plan — Sales Focus: This plan specifically targets senior executives responsible for driving sales growth. It may include additional performance metrics related to sales revenue, customer acquisition, and market expansion. 2. Alabama Senior Executive Management Incentive Plan — Operational Efficiency: This plan focuses on executives involved in improving operational efficiency, cost reduction initiatives, and process optimization. The performance metrics may revolve around expense management, productivity enhancements, or supply chain improvements. 3. Alabama Senior Executive Management Incentive Plan — Innovation and R&D: This plan is tailored for senior executives responsible for driving innovation and research and development efforts. The performance metrics could include the number of successful patents, new product launches, or revenue from new product lines. By offering these various incentive plans, The Leon Co. ensures that their senior executives are motivated and rewarded based on their unique roles and contributions, thereby promoting overall company success and shareholder value.